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Millionaires don’t get jealous

Fri, Apr 11, 2008

Millionaire Inside

It’s easy to feel jealous when you read about other people making boatloads of money while your bank balance is at -59.65; but jealousy does more to keep you back and nothing to propel you forward. When you read stories like those published in this MSN moneycentral piece “Millionaires tell how they did it” try to take away as much positive as you can from the stories and avoid feelings of jealousy.

The one thing you should always note when you read stories about people making millions of dollars from their business ventures, is that the people in the stories always have something extra, whether it’s skill, knowledge or talent.

In reality, for most of us anyway, it’s not easy to make millions of dollars. If it was easy, you wouldn’t be here reading and I wouldn’t be here writing. We’d already be millionaires. Of course you’ll read otherwise on many blogs. You’ll read that making a million dollars really isn’t that difficult. You’ll read that the number of households in the United States with a net income of at least 1 million continues to increase rapidly. That’s wonderful news, but your household still isn’t among that list of households with a net income of at least 1 million. What are you missing? How come you’re out there climbing with the rest of them but you just can’t seem to get to the top?

Maybe that’s a question you need not ask just out of sheer frustration when you read about people making it to the top, but in an effort to honestly assess your situation. Maybe you’re trying to climb a mountain that requires a specific skill, special knowledge or a talent you simply lack. Anyone can be a millionaire, that’s true enough; but not everyone can be a millionaire artist. If you can’t paint or draw, how are you going to make millions as an artist? Not everyone can be a millionaire supermodel. If you don’t have supermodel looks who’s going to pay you millions to model? The point is, make sure that you have what it takes to do what you’re trying to do. Don’t get jealous of other people for making it to the top. Accept that these people had that something extra and if you don’t have it, you can try to acquire it or you can try to work around it, or you can go look for another mountain to climb that’s not impossible for you to conquer.

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Asides
  • FXCM Trading Station II is probably one of the best forex trading platforms out there for novice traders. It’s fairly easy to use. In fact it’s such a nice system even Deutsche Bank uses it with their DBFX trading station. But in the case of FXCM don’t expect the trading station to behave exactly the same in live mode as in demo mode. There is definitely a difference even though you can’t see the difference structually. Even FXCM admitted the live mode and demo mode aren’t exactly the same. They look the same but your trading experience while in demo mode will be a lot more profitable than while in live mode. That should make you wonder. They say it’s the slippage and volatility but in demo mode you’re almost always profiting. In live mode almost always losing….

  • The truth is you probably won’t get rich trading forex. Successful forex traders understand the foreign exchange market and currency trading on a level that is not understood by the average retail forex trader. If you don’t actually understand the fundamentals or even the technicals for that matter you’re going to find it’s a lot more difficult to make a profit from your fx trading account; but even though it will be difficult it’s not impossible. You probably won’t join the forex millionaires club,  but you can still make decent money.

  • Oanda boasts about their tight spreads and they definitely have reason to boast where the EURUSD is concerned. They probably have the tightest EURUSD spread out there. Hard to imagine there could be a broker with a tighter EURUSD spread.

Latest Flickr photos

Here is a video that aims to demonstrate how you can make money trading currencies using Fibonacci Retracements and Fibonacci Profit Targets.

This video demonstrates a method for making money in the foreign exchange market using pivot points. Pivot points are turning points.

In the forex market the term would apply to the the points throughout the previous trading day at which traders and investors leaned towards a bull market or a bear market in general sentiment.

Ken Calhoun with forexonfire.com talks about how you can learn the technical signals to use and how to spot pivots, break outs, break downs using currency pairs when reading your charts, and how to setup your charts for currency trading.

He talks about currency pair volatility, learning how to spot patterns, pivot points, learning when to exit and not initiate another trade.

Here is an educational video of sorts put out by the guys gftforex.com. The video aims to teach you how to spot forex options scams centered around advisory services and newsletters ect. It is very detailed and straightforward.

The video suggests that your scam siren should definitely start going off if anyone comes trying to sell you on forex options trading by promising they have a system that is:

Easy
Low Risk
Based on secret trading methods used by the pros which the pros don’t want you to know
Available to you even if you don’t have lots of money thanks to leverage.

A look at forex trading. This video attempts to take the mystery out of foreign exchange by breaking it down into it’s “principal parts and players”.

The video explains how foreign currency is brought to other countries and how this creates the practice of currency trading. The video addresses the role central banks of countries, commercial banks, financial companies and brokerage houses, and private individuals play in the foreign exchange markets.

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